On November 10, 2011, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as
initial depositor (the "Initial Depositor"), gave notice to The Bank of New York
Mellon (formerly known as The Bank of New York), as trustee (the "Trustee"), of
its decision to early terminate the Telecom HOLDRS Trust effective on the
closing date of the Asset Purchase Agreement dated August 11, 2011 between
Merrill Lynch & Co., Inc. and Van Eck Associates Corporation ("Van Eck" and the
"Agreement"). Such notice notified the Trustee that the closing under the
Agreement (the "Closing") will constitute an "early termination" under the
Depositary Trust Agreement dated January 24, 2000, as amended by Amendment No. 1
dated as of August 11, 2011 (as so amended, the "Depositary Trust Agreement"),
governing the Telecom HOLDRS Trust. The Closing is scheduled to occur on the
expiration date (the "Expiration Date") of the six pending exchange offers by
Van Eck (as detailed in the Agreement, the "Exchange Offers") or the business
day immediately following the Expiration Date. The Expiration Date is scheduled
to be December 20, 2011, unless the Exchange Offers are extended in accordance
with their terms. The date on which the Closing occurs is referred to as the
"Termination Date."

The Trustee disseminated notice of the early termination and the Termination
Date to Cede & Co., the sole owner of the receipts issued by the Telecom HOLDRS
Trust, on November 10, 2011.

What happens to Telecom HOLDRS if none of the Exchange Offers are completed?

· The Closing will not occur.

· There will not be an early termination.

· The Telecom HOLDRS Trust will not early terminate and will continue to operate
pursuant to the terms of the Depositary Trust Agreement.

· Trading in the Telecom HOLDRS receipts will resume on the NYSE Arca.

What happens to Telecom HOLDRS prior to the Termination Date?

· Telecom HOLding Company Depositary ReceiptS ("HOLDRS") may be created and
cancelled by following the procedures and paying the applicable issuance and
cancellation fees described in the Telecom HOLDRS Trust prospectus dated March
15, 2011, as supplemented by the prospectus supplement dated August 12, 2011,
and as set forth in the Depositary Trust Agreement. Copies of this prospectus
and prospectus supplement are available under the CIK number 0001102240
through the Securities and Exchange Commission's website, www.sec.gov.

· Trading in Telecom HOLDRS on the NYSE Arca will be halted at or around the
time at which the Exchange Offers expire.

What happens to Telecom HOLDRS after the Termination Date?

· The Telecom HOLDRS Trust will liquidate in accordance with the Depositary
Trust Agreement, as will each of the other HOLDRS trusts.

· No new Telecom HOLDRS will be issued.

· Trading of Telecom HOLDRS on the NYSE Arca will be permanently suspended after
the close of trading on the Termination Date. Telecom HOLDRS will not be
listed for trading on any other securities exchange.

· During the four-month period following the Termination Date, owners of Telecom
HOLDRS will have the right to withdraw the underlying securities evidenced by
their HOLDRS, together with any dividends or other distributions or net
proceeds from the sale of any rights or other property received with respect
thereto, by delivering a round-lot or an integral multiple of a round lot of
Telecom HOLDRS to the Trustee and paying the applicable taxes, other charges
(if any) and Trustee's fees. The Trustee has advised that the fee will be up
to $10.00 for each round-lot of 100 Telecom HOLDRS or portion thereof.

· After the Termination Date, the Trustee will discontinue the registration of
transfers of Telecom HOLDRS, suspend the distribution of dividends or other
distribution to owners thereof, and will not give any further notices or
perform any further acts under the Depositary Trust Agreement.

· After the four-month period following the Termination Date, the Trustee has
the right to sell the underlying securities then held by the Telecom HOLDRS
Trust and will thereafter hold uninvested the net proceeds of any such sale,
together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the owners of
Telecom HOLDRS that have not theretofore been surrendered. After making such
sale, the Trustee will be discharged from all obligations under the Depositary
Trust Agreement, except to account for such net proceeds and other cash (after
deducting, in each case, any applicable fees and expenses). At such time
owners of outstanding Telecom HOLDRS will become general creditors of the
Trustee with respect to such net proceeds.